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Details Of The $900B U.S. Covid Relief Package

US
  • Congressional leaders Sunday night unveiled the highlights of a USD900 billion fiscal stimulus package and a USD1.4 trillion government funding deal that will keep federal government budget going through September 2021. The exact legislative text has not been released yet.
  • President-elect Joe Biden said the deal provides "critical temporary support" and is "just the beginning."
  • Lawmakers are expected to pass a week-long stopgap spending measure tomorrow to provide time for both chambers to pass the USD2.3 trillion package and President Trump to sign it into law. The deal is expected to be passed by both chambers of Congress on Monday.
  • Some details of the USD900 relief package:
  • USD325 billion for small businesses. This includes USD284 billion in loans through the Paycheck Protection Program, USD20 billion for businesses in low-income communities, and other programs.
  • USD166 billion in direct checks. Individuals making up to USD75,000 a year will receive a payment of USD600, while couples making up to USD150,000 will receive USD1,200, in addition to USD600 per child. The deal also makes the stimulus checks more accessible to immigrant families.
  • USD120 billion in extra unemployment insurance. Jobless workers will get an extra USD300 per week in federal cash through March 14. Unemployment benefits expire in mid-March, likely setting up another deadline for additional congressional action early next year. Pandemic Unemployment Assistance (PUA), which provides unemployment insurance for gig workers, and Pandemic Emergency Unemployment Compensation (PEUC) will also both be extended 11 weeks after it was set to expire December 26th. The extension is less than the 16 weeks put in the USD908 bipartisan package put together by Senator Manchin.
  • USD15 billion to extend the airline Payroll Support Program (PSP) through March.
  • USD45 billion to provide relief to transit agencies, airlines and airline contractors, airports, and state transportation agencies.
  • USD69 billion for vaccine procurement and distribution and USD82 billion for education. USD25 billion for federal rental assistance.
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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